Farmers & Merchants Bancorp Inc. (NASDAQ:FMAO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday. The firm currently has a $91.00 price objective on the financial services provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 20.91% from the company’s previous close.

According to Zacks, “Farmers & Merchants Bancorp, Inc. is the holding company for The Farmers & Merchants State Bank which operates as a locally owned and operated community bank serving Northwest Ohio and Northeast Indiana. The bank provides commercial banking, retail banking and other financial services through its 19 offices with locations in Fulton, Defiance, Henry, Williams, and Wood counties in Northwest Ohio. In Northeast Indiana they have offices located in DeKalb and Steuben counties. Farmers & Merchants Bancorp, Inc. is based in Archbold, Ohio. “

Separately, ValuEngine raised Farmers & Merchants Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd.

Farmers & Merchants Bancorp (FMAO) opened at 75.26 on Friday. The stock has a market capitalization of $344.47 million, a P/E ratio of 28.33 and a beta of 0.04. The firm has a 50 day moving average price of $65.18 and a 200 day moving average price of $53.96. Farmers & Merchants Bancorp has a 52 week low of $30.50 and a 52 week high of $87.79. Shares of Farmers & Merchants Bancorp are set to split on the morning of Thursday, September 21st. The 2-1 split was announced on Friday, August 18th. The newly created shares will be issued to shareholders after the closing bell on Wednesday, September 20th.

Farmers & Merchants Bancorp (NASDAQ:FMAO) last released its earnings results on Wednesday, July 19th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.06. Farmers & Merchants Bancorp had a return on equity of 9.60% and a net margin of 24.37%. The business had revenue of $11.64 million for the quarter, compared to the consensus estimate of $11.49 million. Equities research analysts predict that Farmers & Merchants Bancorp will post $2.70 earnings per share for the current year.

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In related news, Director Anthony Rupp sold 2,072 shares of Farmers & Merchants Bancorp stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $87.10, for a total transaction of $180,471.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director K. Brad Stamm sold 625 shares of Farmers & Merchants Bancorp stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $81.00, for a total value of $50,625.00. Following the sale, the director now directly owns 80,468 shares in the company, valued at $6,517,908. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,697 shares of company stock worth $285,096. 5.03% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Nationwide Fund Advisors bought a new position in Farmers & Merchants Bancorp during the second quarter worth about $139,000. Advisor Group Inc. bought a new position in Farmers & Merchants Bancorp during the second quarter worth about $206,000. Rhumbline Advisers bought a new position in Farmers & Merchants Bancorp during the second quarter worth about $296,000. New York State Common Retirement Fund bought a new position in Farmers & Merchants Bancorp during the second quarter worth about $298,000. Finally, Vanguard Group Inc. bought a new position in Farmers & Merchants Bancorp during the second quarter worth about $432,000. Hedge funds and other institutional investors own 7.77% of the company’s stock.

About Farmers & Merchants Bancorp

Farmers & Merchants Bancorp, Inc is a bank holding company. The Company’s primary subsidiary, The Farmers & Merchants State Bank (the Bank), is a community bank operating in Northwest Ohio and Northeast Indiana. The Company’s other subsidiary, Farmers & Merchants Risk Management (Captive), is a captive insurance company.

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